Scotiabank versus TD Bank

[applicant2023]

Can anyone speak to their experiences with Scotiabank versus TD for the Professional Student Line of Credit? 

[QueensDenning]

When I got mine, Scotiabank offered better rates, more $ and better credit card deals.  

[myth000]

I called and emailed, TD never got back to me.   Scotia arranged a loan within a week of me contacting them.

[Octoprophet]

21 minutes ago, myth000 said:

I called and emailed, TD never got back to me.   Scotia arranged a loan within a week of me contacting them.

How soon before the start of school did Scotia get back to you? I'm also in the same situation as OP.

[applicant2023]

7 minutes ago, Octoprophet said:

How soon before the start of school did Scotia get back to you? I'm also in the same situation as OP.

Both banks got back to me in equal time. I would suggest contacting a "small business advisor" at the banks you're considering because they deal specifically with these types of loans. 

[myth000]

8 minutes ago, Octoprophet said:

How soon before the start of school did Scotia get back to you? I'm also in the same situation as OP.

As soon as you have your acceptance letter they can arrange a loan for you.

[Octoprophet]

39 minutes ago, myth000 said:

As soon as you have your acceptance letter they can arrange a loan for you.

That is really great news! I need to get working on that asap, thanks!

[Shaheer]

54 minutes ago, myth000 said:

As soon as you have your acceptance letter they can arrange a loan for you.

Yes. But not for TD. TD requires an enrollment letter before they can grant a loan. 

[TheDevilIKnow]

1 hour ago, applicant2023 said:

I would suggest contacting a "small business advisor" at the banks you're considering because they deal specifically with these types of loans. 

This can be hit-and-miss. Some branches may not have anyone there who is familiar with this product. Odds are better with a branch close to your University. Best bet of all is to find a list, often floating around, of the banks' specialized person who routinely deals with these professional student packages.

[Octoprophet]

21 minutes ago, TheDevilIKnow said:

This can be hit-and-miss. Some branches may not have anyone there who is familiar with this product. Odds are better with a branch close to your University. Best bet of all is to find a list, often floating around, of the banks' specialized person who routinely deals with these professional student packages.

I found the Scotia bank list, but can't seem to locate the TD list. 

For everyone's ease of reference: https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/Scotiabank_SPSP_representative_English.pdf

 

 

[QueensDenning]

I don't think TD has a list. 

I don't see why anyone would choose TD in lieu of Scotiabank. I know a lot of people who got screwed over by TD thinking that they'd only need the 65K or whatever TD offers. Scotia is 135K. 

[applicant2023]

12 minutes ago, QueensDenning said:

I don't think TD has a list. 

I don't see why anyone would choose TD in lieu of Scotiabank. I know a lot of people who got screwed over by TD thinking that they'd only need the 65K or whatever TD offers. Scotia is 135K. 

TD's website says they offer 150k for law school. Do you know if this isn't actually accurate? If so, that would be good to know before going through the whole application for me 🙂 

[Debtful]

1 hour ago, applicant2023 said:

TD's website says they offer 150k for law school. Do you know if this isn't actually accurate? If so, that would be good to know before going through the whole application for me 🙂 

LOC for me is 50k every year over the course of 3 years totalling 150k

[QueensDenning]

Weird maybe they've changed since I got mine. 

[myth000]

3 hours ago, Shaheer said:

Yes. But not for TD. TD requires an enrollment letter before they can grant a loan. 

For Scotia they'll approve the loan after the acceptance letter, and fund it after the enrollment letter.

[Chewy]

I’ll be going with TD. @Debtful is right about the amounts, plus there’s a 12-month payback grace period upon graduating. Don’t know if other banks offer that.

[Shaheer]

1 minute ago, Chewy said:

I’ll be going with TD. @Debtful is right about the amounts, plus there’s a 12-month payback grace period upon graduating. Don’t know if other banks offer that.

Me too. I have talked to TD and they are offering 150k line of credit. Can confirm what you just mentioned. 

[applicant2023]

21 minutes ago, Shaheer said:

Me too. I have talked to TD and they are offering 150k line of credit. Can confirm what you just mentioned. 

Did they make any deductions / lower anything in consideration of undergraduate debt (I have a student line from undergrad). This is probably my major concern with getting approved - Scotiabank has warned me they will deduct a bit and TD hasn't been very clear on this. 

[Debtful]

21 minutes ago, applicant2023 said:

Did they make any deductions / lower anything in consideration of undergraduate debt (I have a student line from undergrad). This is probably my major concern with getting approved - Scotiabank has warned me they will deduct a bit and TD hasn't been very clear on this. 

I dont have undergrad debt so I personally didn't. Friends i spoke to who have undergrad debt did not have their lines reduced. 

[MiceInRice]

1 hour ago, Chewy said:

I’ll be going with TD. @Debtful is right about the amounts, plus there’s a 12-month payback grace period upon graduating. Don’t know if other banks offer that.

I'm with Scotia and the grace period includes articling.

[TheDevilIKnow]

On 5/19/2023 at 11:49 AM, Chewy said:

I’ll be going with TD. @Debtful is right about the amounts, plus there’s a 12-month payback grace period upon graduating. Don’t know if other banks offer that.

 

On 5/19/2023 at 1:44 PM, MiceInRice said:

I'm with Scotia and the grace period includes articling.

I'm with Scotia and havea 24 month grace period that begins after articling. So no repayment actually required until three years after graduating, two years after articling. There is nothing special about me as a client, so I doubt I have a special deal. Perhaps this is another thing that has changed in the last three years?

[Chewy]

1 hour ago, TheDevilIKnow said:

 

I'm with Scotia and havea 24 month grace period that begins after articling. So no repayment actually required until three years after graduating, two years after articling. There is nothing special about me as a client, so I doubt I have a special deal. Perhaps this is another thing that has changed in the last three years?

I’m going to check in on that because that is a sweet deal. Thanks for the heads up.

Edited May 20, 2023 by Chewy
Manners.

[Hopeful709]

I am also an incoming law student starting in September. I went with Scotiabank because of the long grace period they offered and how seamless they made the process. Everything was done over email except for signing all the paperwork at the end. I already have full access to my funds for September all I needed to do was email my school and they gave me a proof of enrollment. I would suggest going through the list of advisors someone already linked above. I just emailed the one for my province and everything was finalized within two weeks!   

[Chewy]

Does anyone here know if an acceptance letter is sufficient for LOC approval? Ottawa won’t send proof of enrolment until July or so.

[GoatDuck]

1 minute ago, Chewy said:

Does anyone here know if an acceptance letter is sufficient for LOC approval? Ottawa won’t send proof of enrolment until July or so.

At least at UofT, you first apply for a PSLOC, and then you send them your proof of enrollment in August, which is when they release your funds.